Axis Capital Holdings Ltd chief executive officer John Charman is to retire in May next year, to be replaced by chief financial officer Albert Benchimol.Mr Charman will stay with the company as chairman, replacing Michael Butt who will step down as chairman but remain with the board of directors.Mr Charman founded Axis ten years ago in the wake of the 9/11 terrorist attacks with an initial capitalisation of around $1.7 billion. The Englishman has led the development of the company into a diversified international re/insurance company with $5.4 billion in shareholders’ equity at the end of September this year.He has worked closely with Mr Butt, who earlier this year was given an OBE for services to the reinsurance industry. Mr Butt also served as chairman of Mid Ocean Re and as a director of XL..Both men have been strong proponents of the Bermuda insurance market.Mr Benchimol served as chief financial officer at PartnerRe Ltd, before joining Axis early this year.“Throughout my 40 years in the industry I have always held the view that it is critical to the ongoing well-being of a company that a CEO (much like a houseguest) should not outstay his or her welcome,” Mr Charman said in a statement released today by the company.“After ten years as CEO, the time is right for Axis Capital to put in place the next generation of leadership. I have worked closely with Albert over the last year and have watched him build strong relationships across our fine company while navigating an extremely difficult market and challenging global financial conditions.“Axis Capital has been at the very heart of my life for the last decade. I am confident that the company is in very good hands with Albert as our new leader. He is a one hundred percent fit for our strong Axis culture.”Mr Benchimol said: “I’m excited about the future of Axis Capital and its businesses, and wish to thank the board of directors for its confidence in me as the next CEO of Axis Capital.“Importantly, I would like to personally thank John for his steadfast leadership of our company over the past decade, for his strong track record of building our global specialty franchise and creating significant shareholder value. It will be my mandate as CEO to build upon the solid foundation John has provided by driving appropriate organisational development in all aspects of our businesses.”Before joining PartnerRe, Mr Benchimol was treasurer at Reliance Group Holdings Inc. He holds an MBA in Finance and Marketing and a BS in Physiology and Immunology from McGill University in Montreal, Quebec, Canada.Mr Charman said: “I plan to remain active in my new role as chairman of the board and will work closely with Albert and the board to ensure a smooth leadership transition.“Our company has assembled an extremely high quality board of directors over the years, and I very much look forward to working with them in my new role as chairman. I also owe a great debt of gratitude to Michael Butt, our outgoing chairman, for his unwavering support, advice, and counsel over the last nine years.”